• Starbucks (NASDAQ:SBUX) reported fourth quarter earnings of 24 cents a share, up from last year's 10 cents, above Zacks estimates of 21 cents, as revenues dropped 3.7% to $2.42 billion. The firm raised its 2010 guidance to 15-20% earnings growth from prior guidance of 13-18% growth

• Hyatt Hotels (NYSE:H) shares gained 12% on their NYSE debut.  The company sold 38 million shares at $25 per share

• JP Morgan (NYSE:JPM) lifted its price target on Ford (NYSE:F)

• The smartphone marketplace will watch today's launch of Verizon's (NYSE:VZ) much-heralded new "Droid" launch, using Google's (NASDAQ:GOOG) Android operating system

• AIG (NYSE:AIG) reported third quarter earnings of $2.85 ex-items

• Bernstein upgraded General Electric (NYSE:GE) and Amazon.com (NASDAQ:AMZN) shares

• JP Morgan (NYSE:JPM) upgraded Macy's (NYSE:M) shares

• Deutsche Bank (NYSE:DB) upgraded Blue Nile (NASDAQ:NILE) shares, lifting the price target from $30 to $50

Zacks Investment Research

• Johnson & Johnson (NYSE:JNJ) beat Street estimates, posting second quarter earnings of $1.15 per share, ex-items, four cents ahead of expectations, versus $1.18 a year ago, on revenues of $15.2 billion

• Fastenal (NASDAQ:FAST) reported second quarter earnings miss at 29 cents per share, 4 pennies off Street estimates of 33 cents, as revenues fell short of the $487.10 million target, posting at $474.9 million

• Dell (NASDAQ:DELL) warned of gross margin pressure in the second quarter, likely to generate only slight sequential revenue gains versus estimates of 1.6% growth.  Although asserting stabilization in its IT product demand y/y, the firm stated profits were affected by "the result of higher component costs, a competitive pricing environment, and an unfavorable mix of product and business-segment demand"

• CSX (NYSE:CSX) reported better-than-expected earnings of 72 cents a share from continuing operations, a dime ahead of estimates, versus 95 cents a year ago, despite a

...

Barron’s analyst Tiernan Ray says SELL Blue Nile.

Track his picks at:

http://trackthepros.com/

IN TIME, SHARES OF ONLINE JEWELER Blue Nile should turn from a lump of coal into a gem. Just don’t expect the magical transformation to happen anytime soon.

a. After a 50% decline in Blue Nile’s shares in the last 12 months, there could still be substantial downside as the contours of the U.S. economic downturn continue to come to light.

b. As consumers file for unemployment compensation in rising numbers, see their home values continue to retreat, and put up with lower lines of credit, they’re increasingly ratcheting down their purchases of discretionary items such as the baubles that Blue Nile sells.

c. the stock trades at an eye-popping 33 times next year’s expected earnings per share, even after its collapse.

d. To make matters worse, there’s new competition for investors’ attention.  Zales,

...

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